Analyst Lowers Price Target on Canadian Natural Resources (CNQ) to $35

Canadian Natural Resources Limited (NYSE:CNQ) is included among the 10 Best Natural Gas Stocks to Buy Right Now.

Canadian Natural Resources Limited (NYSE:CNQ) is a senior crude oil and natural gas producer with ongoing operations in its core areas in Western Canada, the UK North Sea, and offshore Africa.

On January 2, Goldman Sachs slightly lowered its price target on Canadian Natural Resources Limited (NYSE:CNQ) from $36 to $35, but maintained a ‘Buy’ rating on the shares. The revised target reflects the firm’s updated crude oil price assumptions, with Goldman forecasting Brent and WTI to average $56 and $52 in 2026, respectively. Moreover, the firm is keeping a close eye on the developments in Venezuela as they could push global oil prices in either direction, since the country has the largest oil reserves in the world. Given the challenges that the oil sector is facing, Goldman Sachs believes that investors are now likely to begin to value equities based on 2027 free cash flow.

That said, Canadian Natural Resources Limited’s (NYSE:CNQ) industry-leading operating costs of approximately $21 per barrel position it to remain competitive even during periods of high volatility. At the same time, its $4.3 billion in liquidity (as of the end of Q3) will allow it to maintain its high annual dividend yield of 5.3% and execute strategic and opportunistic acquisitions.

Canadian Natural Resources Limited (NYSE:CNQ) was recently included in our list of the Best Energy Stocks to Buy for a Retirement Stock Portfolio.

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Disclosure: None.